0827 GMT - Swiss group Richemont seems to be in a strong position to weather the current environment in the luxury sector, Vontobel analyst Jean-Philippe Bertschy says in a note. The owner of Cartier and Van Cleef & Arpels and other high-end brands posted sales for its fiscal second quarter of 4.81 billion euros, down 1% on year excluding currency movements, missing analysts' projections. The company said sales were hit by weak consumer spending in China, particularly at its watch brands, at a time when most luxury groups face a downturn in demand. "China remains the big question mark, but overshadows strong underlying business in other regions," the analyst says. Shares are up 0.6% at 120.05 Swiss francs. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
November 11, 2024 03:27 ET (08:27 GMT)
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